Thanks to Zyzzyvas (crazy kids and their handles) for his tip regarding the much anticipated PSP Homebrew software for the PSP with firmware version 1.50. The version 1.50 PSPs were the initial release
PSP shipped in the U.S. Basically what the Homebrew software opens the door for a number of possibilities on the PSP including all kinds of homebrew program fun. It provides a backbone for programming emulators, e-book readers and whatnot on the PSP.
The official release is slated for Thursday. To check if your PSP will support homebrew go to System Settings, then System Information.